SEMESTER III

COURSE STRUCTURE

Course Code MMD50010

Course Category Program Core
Course Title Entrepreneurship Ideation and Planning
Teaching Scheme Lectures Tutorials Laboratory / Project Total
Practical
Weekly load hours 2 - 2 3
Credits - - 3
Assessment Schema TT4
Code
Prerequisites:
Completed graduation in any discipline
Course Objectives:
1. Understand the fundamental principles of entrepreneurship, ideation, and planning,
specifically in the context of medical devices.
2. Develop skills to identify and evaluate business opportunities, conduct market research,
and create a business model.
3. Learn how to design a sustainable business plan for a medical device startup, addressing
technological, financial, and regulatory challenges.
4. Gain practical knowledge in pitching an idea, securing funding, and managing a new
venture in the medical device industry.
Course Outcomes:
1. Apply entrepreneurial thinking to the ideation and planning stages of developing a
medical device business.
2. Demonstrate the ability to conduct in-depth market research, competitor analysis, and
feasibility studies specific to medical device startups.
3. Create and present a comprehensive business plan that includes marketing, financial
projections, and operational strategies for a medical device business.
4. Understand the regulatory and ethical challenges involved in launching a medical device
startup and develop strategies to overcome these challenges.
Course Contents:

Unit 1: Introduction to Entrepreneurship and Ideation (4 Weeks)

• Entrepreneurship Overview: Definition, characteristics of an entrepreneur, types of
entrepreneurs.
• Medical Device Industry: Market trends, emerging technologies, and business
 opportunities in the medical device sector.
• The Role of Innovation in Entrepreneurship: Identifying problems, brainstorming
solutions, and generating ideas.
• Design Thinking Process: Introduction to the design thinking methodology for
problem-solving and product ideation.
• Idea Validation: Methods to test and validate medical device ideas using customer
feedback and early-stage prototyping.
Unit 2: Business Models and Market Research (3 Weeks)
• Business Model Design: Introduction to the Business Model Canvas, identifying value
propositions, customer segments, channels, and key activities.
• Market Research: Techniques for conducting market research, including surveys, focus
groups, and secondary research.
• Competitive Analysis: Understanding competitors, SWOT analysis, and positioning in
the market.
• Customer Personas: Creating customer profiles to understand target audiences for
medical devices.
• Industry Regulations: Overview of regulatory requirements specific to the medical
device sector (e.g., FDA, CE).
Unit 3: Business Plan Development for Medical Devices (3 Weeks)
• Creating a Business Plan: Key components—Executive summary, company description,
product/service details, market analysis, and financial projections.
• Financial Planning: Budgeting, forecasting, and understanding startup costs for a
medical device business.
• Marketing and Sales Strategy: Developing a marketing plan, pricing strategies, and
distribution channels.
• Team Building and Resource Allocation: Identifying team roles, key partnerships, and
resource management.
• Pitching the Business Plan: How to create a compelling pitch for investors and
stakeholders.
Unit 4: Funding, Regulations, and Ethics in Medical Device Startups (2 Weeks)
• Funding Sources: Angel investors, venture capital, crowdfunding, government grants,
and partnerships.
• Regulatory Considerations: Navigating regulatory approvals for medical devices (FDA,
 ISO standards).
• Ethics and Compliance: Ethical issues in medical device development, patient safety,
privacy laws, and intellectual property.
• Business Scalability: Strategies for scaling the business, managing growth, and handling
challenges in the medical device sector.

Practical Classes:

1. Business Ideation for Medical Devices:

Students will use ideation tools (e.g., brainstorming, mind mapping) to generate and
evaluate medical device ideas.
2. Design Thinking Workshop:
Hands-on session where students apply the design thinking methodology to develop
solutions for a medical device problem.
3. Market Research for Medical Devices:
Conducting surveys and focus groups to validate the demand for a medical device idea.
4. Developing a Business Model Canvas:
Students will create a business model canvas for their selected medical device idea,
focusing on value propositions and market fit.
5. SWOT Analysis for a Medical Device Business:
Students perform a SWOT analysis of a potential medical device business, identifying
strengths, weaknesses, opportunities, and threats.
6. Creating a Financial Plan for Medical Device Startups:
Hands-on experience in building a simple financial projection (revenue, costs,
profitability) for a medical device business.
7. Pitching a Medical Device Business Plan:
Students will prepare and present an elevator pitch for their medical device business plan
to a mock panel of investors.
8. Regulatory and Ethical Considerations:
Exploring regulatory requirements and ethical dilemmas in the development of a medical
device business through case studies.

Learning Resources:
Textbooks/ Reference Books:
• Kuratko, D. F. (2016). Entrepreneurship: Theory, Process, and Practice. Cengage
Learning.
• Blank, S., & Dorf, B. (2012). The Startup Owner’s Manual: The Step-by-Step Guide for
Building a Great Company. K&S Ranch.
• Brunet, P. (2013). Entrepreneurship for the Medical Device Industry: From Idea to
Market. Wiley-IEEE Press.
• FDA (2019). Medical Device Regulations. [Link]
• Alexander Osterwalder (2010). Business Model Generation. Wiley..
Pedagogy:
• Lectures: Interactive lectures covering the theoretical concepts of entrepreneurship,
medical device industry insights, and business planning.
• Case Studies: Real-world case studies on successful medical device startups and the
challenges they faced.
• Workshops: Hands-on activities and group work for practical learning of tools like design
thinking, business modeling, and market research.
• Guest Lectures: Experts from the medical device industry or venture capitalists to provide
insights into industry trends, funding, and market entry.
• Group Discussions and Presentations: Encouraging collaborative learning and
development of pitching and business planning skills.

Dean Registrar
MITWPU